MASFAA is composed of a group of people who are in the business of helping students obtain their educational goals. The purpose of the organization is as follows:

To promote the professional competency and the association of student financial aid administrators in higher education, lending institutions, and others concerned with the support and administration of student financial aid programs;

To assist in the development and promotion of effective student aid programs;

To facilitate communication among all areas of the student financial aid community;

To promote conferences and other training activities that benefit the organization.